The Money Stop

Chip and pin may not be as safe as we have been led to believe, after researchers managed to locate a weakness.

The debit and credit card payment method has long been seen as infallible, but scientists at Cambridge University have cracked the code.

They have managed to doctor a chip and pin payment machine, allowing the cardholder’s details to be transferred to a third party.

Information gained in this way could then be used to extract money from the victim’s account.

“We have used this as a way to show that the system is not infallible,” said Alan Holland, producer of BBC programme Watchdog which will feature the researchers’ findings tonight (February 6th).

“These academics are clever but there are thieves out there who are going to be equally clever but more driven.”

The exact details of how the researchers managed to crack the chip and pin system have not been released in order to prevent thieves copying the method.

Despite this set back, consumers are being assured that chip and pin is still safe and the system has not been hacked by anyone outside of the research centre.

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